Case in point, since hitting a high of $11.49 on June 11, the TAN ETF is down about 12%. KWT,
for its part, hit a high of $17.35 on June 10 and is down 11% since.
The S&P 500, in comparison, is down about 4% from its June 12
high. While both TAN and KWT
are up >30% on the S&P 500 over the past six months,
neither is up on the benchmark index over the past 12 months.

I took a long position in TAN in early March at $5.00 when an automatic buy order I had had on it for a while kicked in. At the time, I stated:

"I don't expect this
investment to realize its full potential for another 18 to 24 months, so
patience is of essence. Of course, certain catalysts, such as a
rapid rise in oil prices, could push this ETF up before then, and I
would be more than happy to take a little profit if that happened.

This is still very much my belief. I took some profit at $10.00 when an
automatic sell order kicked in, and I'll gladly purchase a little more
if it goes back down substantially. It must be said, however, that I
use sell orders at set return levels to protect profit and not in an
attempt to time the market.

Overall, those who are investing in one the two solar ETFs today and
hanging on will be happy they did so two years from now and beyond. The
road there, however, will be fraught with volatility.